Tiger Global Management and Accel India have re-invested in CommonFloor.com, an India-based online property portal as part of a $7.5m series C round. The new funds will be used to penetrate deeper into existing markets, expand marketing initiatives and invest in technology and product enhancement, said the company.
CommonFloor.com had earlier raised series A from Accel India in 2009 and series B in 2012 from Accel India and Tiger Global Management. The company did not disclose the amount that these existing backers had invested in previous rounds. According to a recently published interview, the company’s founder Sumit Jain said that while the business has already raised capital from two prominent investors, the company is still open for funding given that the company needs cash to grow. “If a new strategic investor comes to invest in us, we will definitely consider it,” said Jain.
Subrata Mitra, Partner, Accel India said of the latest investment, “It is obvious that urban housing in India has to multiply manifold even to satisfy existing demand. CommonFloor.com has grown quite rapidly in the past; a testament to their ability to execute well in the space.”
Co-founder and chief executive Jain said that the online play in real estate is a billion dollar opportunity. According to a company release, CommonFloor.com is the fastest growing real estate portal in India.